Publication date: 21 Feb 2023
Five Companies Offering Advanced Solutions for Procurement and Supply Chain Operations Named IDC Innovators
NEEDHAM, Mass., February 21, 2023 – International Data Corporation (IDC) today published an IDC Innovators report profiling five emerging sourcing vendors that are leveraging advanced analytics and cloud technology, and are uniquely focused on a clean, transparent and intuitive user experience to augment procurement and supply chain operations. The five companies are: Cirtuo, Everstream Analytics, LogicSource, ORO Labs, and Suppeco.
Procurement applications automate processes relating to purchasing supplies, material, and services. The procurement function covers sourcing, procurement, supplier relationship management, contract management, savings tracking, transaction processing, and payments support — all of which are connected to create a single view of the spending levels at an organization. As a result, purchasing activities are integrated into a supplier community that can be easily tracked, benchmarked, and analyzed by both buyers and suppliers.
Advances in digital technology, including SaaS, cloud, artificial intelligence (AI), workflow automation, and predictive procurement analytics, are remaking the supply chain and altering the utility and value add of the traditional procurement and supply chain functions. These advances in technology provide enterprises with streamlined business processes and outcomes that are speedier and more relevant, enabling businesses to be more agile in their response to customer demands.
"This is a great time to be a buyer of procurement and supply chain applications. New products are continually being introduced, and established providers are investing heavily in innovation," said Patrick Reymann, research director, Enterprise and Procurement Applications at IDC. "The themes that we see are ease of use, an enhanced user experience, automation, and AI-driven decision-making tools. The vendors that we profile in this report are tremendous examples of what is possible with today's SaaS solutions."
The report, IDC Innovators: Procurement and Supply Chain (Doc #US50226423), profiles five vendors in the procurement and supply chain spaces that have developed impactful solutions that leverage leading-edge technologies to provide significant value for buyers seeking procurement and supply chain solutions. The five companies are:
Cirtuo offers AI-driven procurement software that automates category strategy creation based on the accumulated knowledge from thousands of successfully developed category strategies for faster decision making, leading to greater business impact and value delivery beyond savings.
Everstream Analytics provides end-to-end supply chain risk analytics that combine data based on billions of supply chain interactions with powerful AI, advanced analytics, and graph technology to produce long-range strategic risk assessed at the material, supplier and facility location level.
LogicSource offers a source-to-pay technology suite that provides solutions for spend analytics, sourcing execution, contracts management, sourcing performance management, and procure-to-pay in a single platform, supported by market intelligence, price benchmarks, and expert implementation.
ORO Labs offers an end-to-end procurement automation platform with a workflow-centric approach that enables users to initiate and track requests across teams, systems, and processes while internal stakeholders can automate workflow and achieve compliance with ease.
Suppeco is a supplier relationship management platform built on these key cornerstones: configurable infrastructures for every relationship; actionable visibility into the supply chain; data-driven insights; a frictionless environment for collaboration; and automated workflows.
About IDC Innovators
IDC Innovators reports present a set of vendors – under $100 million in revenue at time of selection – chosen by an IDC analyst within a specific market that offer an innovative new technology, a groundbreaking approach to an existing issue, and/or an interesting new business model. It is not an exhaustive evaluation of all companies in a segment or a comparative ranking of the companies. Vendors in the process of being acquired by a larger company may be included in the report provided the acquisition is not finalized at the time of publication of the report. Vendors funded by venture capital firms may also be included in the report even if the venture capital firm has a financial stake in the vendor's company. IDC INNOVATOR and IDC INNOVATORS are trademarks of International Data Group, Inc.
For more information about IDC Innovators research, please contact Jen Melker at email@example.com.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.
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